Sheree Howerton Pitchbook

PERSONALIZED SERVICE IS OUR PROMISE

For nearly 25 years, OMB has been committed to providing excellent service and building strong relationships.

At OMB, you’ll experience community banking at its best. You will work directly with our experienced residential lending professionals as they identify what programs and services fit your unique situation and needs, and work alongside you to ensure the process is as smooth and convenient as possible.

While we believe in old-fashioned customer support, we welcome new technologies that streamline our customers’ day-to-day transactions and make your banking experience more convenient. We believe it’s the best of both worlds.

The following is a brief overview of OMB’s residential lending services. Thank you for your time and consideration, and always feel free to reach out with questions large or small.

Michael Frerking

DIRECTOR OF RESIDENTIAL LENDING

m.frerking@oldmobank.com

(417) 201-6550

NMLS #680221

Direct

JARED HOWERY Mortgage Loan Processor

MADISON HAZELRIGG Mortgage Loan Closer JESSIE GILLILAND Mortgage Loan Post Closer

KAYLYNN TODD

Underwriter

ROAD TO YOUR NEW HOME

The normal process for receiving a mortgage loan at OMB is 30 days from loan application to closing.

PRE-QUALIFICATION

Once you apply, in person or online, you can get a pre-qualified credit approval through a combination of our automated underwriting system and our local underwriting team. 24 to 72 hours

FIND A HOUSE

Find a house to put an offer on & apply for a mortgage loan. Once you’re prequalified and have provided the necessary documents (see our checklist on page 12), OMB receives the real estate contract & gets the appraisal & title ordered to start processing the loan.

Varies

READY TO PRE-QUALIFY?

PROPERTY APPRAISAL & INSPECTION

Once you commit to OMB as your bank for the loan, an appraisal is ordered on your behalf. Inspections are not required by our lenders, but we typically recommend ordering one.

PROCESSING & UNDERWRITING

Once the property appraisal is received, the processor will put the loan file together for underwriting. You will then select your homeowner’s insurance & provide that information 7-10 days before closing.

2 to 3 weeks

CLOSING

At around 27 days, you will receive your closing disclosures to review prior to closing. On the day of closing, you will sign all required paperwork & complete the property transaction. 30 days

CONGRATS! YOU’RE NOW A HOMEOWNER!

We’ll help you find the right mortgage option for you

MORTGAGE LOANS

Experience matters, especially when it comes to buying a home. Our home mortgage loan originators are always available to ease any worries along the way, plus we have local decision-making and underwriting for a more streamlined process. Here you’ll find loan options for your primary residence, second home, vacation home, or investment property.

Whether it’s your first home or forever home, OMB’s dedicated mortgage team can help put you and your family on the path to homeownership.

Fixed Rate Conventional Mortgages

Fixed-rate loans provide stability and security, along with a fixed monthly paymaent:

• Payment amount and interest rate stay the same through the life of the loan

• Refinance options available

FHA Loans

If you have less than perfect credit & need a minimal down payment, the FHA loan could be what you need! You may qualify for an FHA loan regardless of previous financial difficulty. This loan is also for first-time homebuyers & low-to-moderate income buyers:

• Insured by Federal Housing Administration

• Low down payment & closing costs (to qualified borrowers)

• Flexible credit requirements

USDA Rural Housing Loans

This loan is for low-to-moderate income borrowers in eligible rural communities:

• Provides fixed rate financing

• Must meet income and rural qualification guidelines

VA Loans

Specifically designed for our veterans and/or active military, a VA loan offers fixed rate financing. In addition, you may be eligible for no mortgage insurance and low rates (only to qualified borrowers):

• Portion of the loan is guaranteed by U.S. Department of Veterans Affairs

Investment Property Loans

If you’re looking to generate extra income with rental properties or house flipping, this might the mortgage loan for you:

• Used for the purchase of an income-generating property

• May have higher down payment requirement

JUMBO

This mortgage loan is used to finance properties that cost more than what is standard for a conventional conforming loan:

• Allow you to borrow more than traditional loan, but may have stricter qualification requirements

Adjustable-rate Mortgages (ARMs)

If you don’t plan on staying in your home for a long period of time and would like a lower payment, but are not concerned about the fluctuating payment amounts, this loan may meet your needs:

• Interest rate changes over time based on the market

Home Equity Line of Credit

Take out a home equity line of credit and use the equity you’ve built within your home as collateral to secure a revolving credit line for all kinds of needs:

• Funds available anytime without reapplying; apply once, then use repeatedly thereafter

• Revolving credit—as principal is repaid, more becomes available for use

• Interest paid may be tax deductible (consult a tax advisor)

• Competitive rates available

Home Equity Loan

Financing home improvements on top of your mortgage can be difficult. Instead, leverage your equity into a ready source of cash for short-term or one-time expenses with a home equity loan:

• Leave savings and emergency funds intact

• Repayment terms that work uniquely for you

• Competitive rates

Plan for Anything

For

CHECKLIST

fast loan approval you need:

Most recent 30 days of paycheck stubs

Last 2 months of bank statements, stock, investment & CD statements

Last 2 years federal tax returns & all W-2 forms

Copy of real estate sales contract

Divorce decree (if applicable)

Bankruptcy petition & bankruptcy discharge papers (if applicable)

VA Loan: Certificate of Eligibility & DD214

FAQS

What are the main documents I’ll need to provide my mortgage lender?

Your lender will go over with you in detail all the required documents for your situation. These can include, but aren’t limited to, employment information, proof of income, debts and assets, and how much you plan to put down on your new house.

What does my monthly mortgage payment include?

A typical mortgage payment includes: Principal, interest, homeowner’s insurance, property taxes, and potentially private mortgage insurance (PMI) if you put down less than 20% on the home.

How long does it take to close on a house?

At OMB, the standard time to receive a mortgage loan is around 30 days from loan application to closing.

What’s an APR?

APR is an acronym for “Annual Percentage Rate” and includes loan points, charges, and other prepaid finance charges to reflect the true yield on the loan. Because of this, the APR is normally higher than the loan’s interest rate.

When should I consider refinancing?

You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your existing mortgage repayment term, or lowering your monthly payment.

What is an appraisal?

An appraisal is an unbiased professional opinion of a home’s value. There are several factors taken into consideration during an appraisal such as square footage, location/neighborhood, curb appeal, and major repairs that may be needed.

Can I still get a mortgage if I have bad credit or have filed bankruptcy?

Having good credit can help you secure a more competitive rate, but a perfect score is not required. Checking your free credit report regularly can help you keep tabs on your finances and can also help you catch any problems that arise such as errors on your report or fraud. At OMB, we will do what we can to help you buy a home, even without a perfect financial record. Speak with one of our experienced local lenders to see how we can help.

WE LIVE WHAT WE BELIEVE

OUR MISSON

We are committed to providing the best banking experience for our community and to help build a bright future for the people we serve.

WE’D LOVE TO SEE YOU IN PERSON!

Please

SUNSHINE STREET

1535 W. Sunshine St. Springfield, MO 65807 (417) 869-0168

SOUTH NATIONAL 3570 S. National Ave. Springfield, MO 65807 (417) 869-9000

REPUBLIC ROAD

2423 W. Republic Rd. Springfield, MO 65807 (417) 530-1265

BUFFALO

1200 W. Dallas St. Buffalo, MO 65622 (417) 345-6111

CARTHAGE

535 W. Fir Rd. Carthage, MO 64836 (417) 313-1030

MT. VERNON

510 W. Mt. Vernon Blvd. Mt. Vernon, MO 65712 (417) 316-9288

ASH GROVE

218 N. Webster Ave. Ash Grove, MO 65604 (417) 672-2572

SPRINGFIELD WALNUT GROVE 109 E. Main St. Walnut Grove, MO 65770 (417) 994-2593